Seismic analyses of concrete structures under maximum-considered earthquakes require the use of reduced stiffness accounting for cracks and degraded materials. Structural walls, different to other flexural dominated components, are sensitive to both shear and flexural stiffness degradations. Adoption of the gross shear stiffness for walls in seismic analysis prevails particularly for the design codes in the US. Yet available experimental results indicate that this could overstate the shear stiffness by more than double, which would hamper the actual predictions of building periods and shear load distributions among columns and walls. In addition, the deformation capacity could be drastically understated if the stipulated constant ductility capacity is adopted. This paper reviews the available simplified shear and flexural models, which stem from classical mechanics, empirical formulations and/or parametric studies, suitable for structural walls at the state-of-the-art. Reviews on the recommended flexural and shear stiffnesses by prominent design codes such as ACI318-11, Eurocode 8 and CSA are included. A database comprised of walls subjected to reverse-cyclic loads is formed to evaluate the performance of each model. It is found that there exist classical models that could outweigh overconservative codified values with comparable simplicity for practical uses.